May 26, 2020 Comments Off on Bridge Buys Sacramento MF for $85M Views: 677 Bay Area, California News

Bridge Buys Sacramento MF for $85M

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Salt Lake City-based Bridge Investment Group acquired The Fountains at Point West, a 339-unit value-add multifamily property in Sacramento, from Oakmont Properties for $85.15 million. Built in 1974, the property at 1761 Heritage Ln. is located in the Arden-Arcade submarket of Sacramento, across the street from the Arden Fair Regional Mall and Kaiser Permanente’s Point West Campus.

The community underwent substantial exterior renovations including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual pane windows, exterior paint, landscaping, and an upgraded fitness center and clubhouse. Oakmont Properties fully renovated 23 units, allowing the new owners to benefit from fully renovating the remaining units and revitalizing vacant community spaces.

CBRE’s Marc Ross, who represented the seller, says, “This marks the first significant multifamily sale to occur in Sacramento since the COVID-19 pandemic hit, which is a testament to the property’s status as a ‘landmark’ asset in the region.”

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